iBank branch network expands to 70

International Exchange Bank (iBank), has opened banks, five new branches in key provincial areas bringing its total nationwide branch network to 70.

The new branches are located in Kamias, Quezon City; Cebu-Mandaue; Meycauyan, Bulacan; Mayhaligue, Binondo; and Davao-Quirino.

"The common practice among banks in the Philippines is that the branch wherein the depositor opens an account becomes that depositor’s home branch. Since the home branch keeps all the signature cards and client records, the common limitation is that it is the only branch that can instantly provide a full range of banking services to the depositor," according to iBank executive vice president and retail banking cluster head Nilo Pacheco Jr.

iBank, however, is able to cut away the bonds of a home branch by using an online signature verification facility which allows all 70 iBank branches to electronically access the records of any of their clients. This instant access allows the tellers to immediately validate the signatures of all iBank depositors. Thus, all 70 branches become the ‘home branch’ giving a full range of banking services to all iBank depositors, regardless of where they opened their accounts.

"The core of our clientele is composed of highly mobile individual such as entrepreneurs, business owners and professionals who are constantly going around the country. These very mobile people cannot be constrained to rely on automated teller machines (ATMs), which dispense only a limited amount of cash per day, per depositor, as their sole source of funds. It is therefore an advantage for them to carry an iBank check, because it is as good as cash in any iBank branch," Pacheco explained.

The instant signature verification is an advantage not only to the depositor issuing the check but also for the party receiving it as payment. Unless the iCheck is specifically "crossed" for deposit, it can be immediately encashed by the beneficiary over-the-counter at any iBank branch. There is no need to physically go to the originating branch.

"Banking in the 21st century is about tearing down barriers and loosening conventional bonds, and iBank does exactly that by leveraging on technology," he concludes.